Vishal Retail clarifies media report

08 Feb 2010

With reference to the news item appearing in media titled "TPG eyes Stake in Vishal for Rs. 250 cr", Vishal Retail Ltd has clarified to BSE, "Company is under burden of debt and to restructure the debt burden, the proposal of the company is under CDR mechanism. The CDR cell is reviewing the case and few meetings have happened and a consensus is still awaited.

Under the CDR mechanism, TPG has given a proposal to the CDR cell and the same has to be approved by all participating banks under CDR and also the CDR cell. This is at a nascent stage at the moment, unless confirmed by majority lenders."

— IndiaRetailing Bureau